The board of directors of Jaiprakash Power Ventures (JPVL) and Jaiprakash Associates (JAL) - two firms under the aegis of Jaypee Group - have approved divestment plans to reduce their debt.
While the board of JPVL has approved the divestment of company's Nigrie Cement Grinding Unit, other non- core assets, the board of debt-ridden JAL has cleared divesting the company's significant cement business.
"In continuation to our letter dated October 9, this is to inform you that the Board of Directors in their meeting held today, the October 10, have, inter-alia, decided to divest the company's Nigrie Cement Grinding Unit as well as other non- core assets," JPVL said in a stock exchange filing on Monday.
"With a view to give thrust to the ongoing efforts of the Company to reduce its debt, the Board of Directors in their meeting held today, have, inter-alia, decided to divest the company's significant cement business," JAL said.
JPVL had reported a net profit of Rs 241.93 crore in the first quarter of FY23. Its total income from operations almost doubled to Rs 1,820.37 crore from Rs 914.99 crore, as recorded in the corresponding period of the past fiscal.
On the other hand, JAL had reported a net loss of Rs 362.91 crore in the quarter ended June 2022. The company's total income from operations, however, had climbed to Rs 1,001.43 crore as against Rs 979.71 crore in the year-ago period.
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